|Wednesday, 9 May 2018, 12:30 HKT/SGT|
LONDON, May 9, 2018 - (ACN Newswire) - Colt Technology Services and PCCW Global, the international operating division of HKT, Hong Kong's premier telecommunications service provider, have further progressed their blockchain Proof of Concept (PoC). Additional members of the ITW Global Leaders' Forum (GLF) are also getting involved in the initiative.
Colt and PCCW Global, in conjunction with blockchain start up Clear, revealed in March that the businesses had undertaken a trial that demonstrated how the inter-carrier settlement of wholesale international services, could be automated through the use of blockchain. By using blockchain technology, the PoC was able to reduce this labour intensive process from hours to minutes.
The initial PoC used historical data as a test of the technology and its use case for the sector. Now, the parties have taken the trial a step further by ingesting actual live data feeds into the ledger, enabling traffic to be automatically verified and settled between carriers.
While the original two carriers are now using live data to verify and settle traffic, other members of the GLF have also seized the opportunity to get involved in the initiative, with the aim being to soon expand the bilateral testing between Colt and PCCW Global to encompass a multilateral series of relationships among the wholesale telecommunications industry as a whole.
Fellow GLF members now getting involved include; BT, HGC Global Communications, Telefonica and Telstra.
Carl Grivner, Chief Executive Officer of Colt, said: "We were optimistic by the success of the initial trial, but utilising live data was an important next step to prove the use case for blockchain technology in our industry."
"Not only did the second iteration of the PoC do what was intended - accurately match and settle wholesale traffic independently with live information - but it also signals the future of telecoms, whereby previously intensive manual practices can be securely automated to allow businesses such as Colt to invest resources into driving both our and our customer's businesses forward."
Marc Halbfinger, Chief Executive Officer of PCCW Global and the Chairman of the GLF, said: "We are very pleased that this Proof of Concept is expanding to include more carriers. A lot of the conversations at the GLF have been around how innovative technologies such as blockchain can be used to improve the overall efficiency of the industry, and with the PoC expanding to include more carriers, it is clear that the industry is seeing the benefit of becoming further aligned. Industry cooperation in this area will be incredibly powerful for the whole sector."
Andrew Kwok, CEO of HGC, said: "This expanded trial which now includes HGC, shows the momentous initiative of the GLF led Blockchain work stream. This initiative eventually if positive, would certainly demonstrate a new business relationship among global carriers and reshape our business practice in the industry."
Juan Carlos Bernal, CEO of Telefonica's International Wholesale Business said "We are convinced that blockchain is a relevant technology that will not only help the wholesale business to gain efficiency, but also significantly improve the efficiency of launching new services".
Colt aims to be the leader in enabling customers' digital transformation through agile and on-demand, high bandwidth solutions. The Colt IQ Network connects over 800 data centres across Europe, Asia and North America's largest business hubs, with over 25,000 on net buildings and growing.
Colt has built its reputation on putting customers first. Customers include data intensive organisations spanning over 200 cities in nearly 30 countries. Colt is a recognised innovator and pioneer in Software Defined Networks (SDN) and Network Function Virtualisation (NFV). Privately owned, Colt is one of the most financially sound companies in its industry and able to provide the best customer experience at a competitive price. For more information, please visit www.colt.net.
About PCCW Global
PCCW Global is the international operating division of HKT, Hong Kong's premier telecommunications service provider, which is majority-owned by PCCW Limited. Covering more than 3,000 cities and 150 countries, the PCCW Global network supports a portfolio of integrated global communications solutions which include Ethernet, IP, fibre and satellite transmission solutions, international voice and VoIPX services, managed network & security services and our expanding "as-a-service" solutions including OTT video and Unified Communications.
PCCW Global is headquartered in Hong Kong, and maintains regional centres in Belgium, China, France, Greece, Japan, Korea, Singapore, South Africa, the United Arab Emirates, the United Kingdom and the United States of America. To learn more about PCCW Global, please visit www.pccwglobal.com.
HKT (SEHK: 6823) is Hong Kong's premier telecommunications service provider and leading operator in fixed-line, broadband and mobile communication services. It meets the needs of the Hong Kong public and local and international businesses with a wide range of services including local telephony, local data and broadband, international telecommunications, mobile, and other telecommunications businesses such as customer premises equipment sales, outsourcing, consulting, and contact centres.
HKT offers a unique quadruple-play experience in Hong Kong delivering media content on its fixed-line, broadband Internet access and mobile platforms jointly with its parent company, PCCW Limited.
HKT also provides a range of innovative and smart living services beyond connectivity to make the daily lives of customers more convenient, whether they are at home, in the workplace, or on the go. For more information, please visit www.hkt.com.
Clear builds blockchain-based wholesale services clearing and settlement platforms for entire industries, and the economies that support them. Using smart-contracts and state-of-the-art cryptography, Clear's technology platforms enable enterprises to transition from current inefficient and manual processes to real-time trading and clearing on a global scale without compromise. By partnering with industry leaders, sustainable supporting economies are created, fostering evolution and innovation for the benefit of all participants. Clear aims to build a global infrastructure that allows organizations to leverage the opportunities and meet the challenges created by digital transformation, reduce costs and increase coordination and cooperation. Let's make it Clear. To learn more about Clear, please visit www.clearx.io.
About HGC Global Communications Limited
HGC Global Communications Limited (HGC) is a leading Hong Kong and international fixed-line operator. The company owns an extensive network and infrastructure in Hong Kong and overseas and provides various kinds of services. It provides telecom infrastructure service to others operators and serves as a service provider to corporate and households. The company provides full-fledged telecom, data centre services, ICT solutions and broadband services for local, overseas, corporate and mass markets. HGC owns and operates an extensive fibre-optic network, four cross-border telecom routes integrated into tier-one telecom operators in mainland China and connects with hundreds of world-class international telecom operators. HGC is one of Hong Kong's largest Wi-Fi service providers, running over 29,000 Wi-Fi hotspots in Hong Kong. The company is committed to further investing and enriching its current infrastructure and, in parallel, adding on top the latest technologies and developing its infrastructure services and solutions. HGC is a portfolio company of I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities and transport in North America, Europe and selected fast-growing economies. To learn more, please visit HGC's website at: www.hgc.com.hk
About Telefonica Business Solutions
Telefonica Business Solutions, a leading provider of a wide range of integrated communication solutions for the B2B market, manages globally the Enterprise (Large Enterprise and SME), MNC (Multinational Corporations), Wholesale (fixed and mobile carriers, ISPs and content providers) and Roaming businesses within the Telefonica Group. Business Solutions develops an integrated, innovative and competitive portfolio for the B2B segment including digital solutions (Big Data, Cloud, IoT or Security) and telecommunication services (international voice, IP, bandwidth capacity, satellite services, mobility, integrated fixed, mobile, IT services and global solutions). Telefonica Business Solutions is a multicultural organization, working in over 40 countries and with service reach in over 170 countries.
BT's purpose is to use the power of communications to make a better world. It is one of the world's leading providers of communications services and solutions, serving customers in 180 countries. Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to its customers for use at home, at work and on the move; broadband, TV and internet products and services; and converged fixed-mobile products and services. BT consists of six customer-facing lines of business: Consumer, EE, Business and Public Sector, Global Services, Wholesale and Ventures, and Openreach.
For the year ended 31 March 2017, BT Group's reported revenue was GBP24,062m with reported profit before taxation of GBP2,354m.
British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on stock exchanges in London and New York. For more information, visit www.btplc.com
For more information, please contact:
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Topic: Press release summary
Sectors: Telecoms, 5G, Cloud & Enterprise, Crypto, Exchange, Blockchain, Technology, PE, VC & Alternatives
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